谷歌A（GOOGL）：总营收和云业务低于预期，继续增加AI开支

Investment Rating - The report maintains a "Buy" rating for Google (GOOGL US) with a target price of $235.00 [8] Core Insights - Google's Q4 2024 revenue was $96.5 billion, a year-on-year increase of 12%, slightly below consensus expectations by 0.1%. The EPS was $2.15, compared to the consensus of $2.13. The stock price fell over 7.5% post-earnings due to lower-than-expected total revenue and cloud business performance, along with anticipated high capital expenditures in 2025 [1] - Long-term growth drivers for the company include the expected launch of Gemini 2.5 and 3.0, which are anticipated to enhance AI capabilities and market share. The user base for Gemini is steadily growing, and monetization opportunities are increasing. YouTube is benefiting from increased user engagement and AI-targeted advertising, driving ad revenue growth. The cloud business is expanding its market share and maintaining high growth rates, solidifying its position as the third-largest cloud provider globally [1][2][3] Revenue and Profit Forecast - The report maintains previous profit forecasts and introduces a revenue forecast for 2027 of $480.6 billion, with a Non-GAAP net profit forecast of $146.2 billion. The estimated PE ratio for 2025 is 26.0x, with a target price of $235, indicating a potential revaluation as AI technology barriers are gradually realized [4][35]